What are the main differences between Chapter 7, Chapter 13, and Chapter 11 bankruptcy?

Chapter 7 is liquidation bankruptcy for those with limited income, allowing for the discharge of most unsecured debts. Chapter 13 allows individuals to keep their assets while repaying debts under court supervision. Chapter 11 is typically for businesses and allows for debt reorganization.

Will filing for bankruptcy stop creditors from harassing me?

Yes, an automatic stay takes effect once you file for bankruptcy, halting most collection activities by creditors.

Can I discharge all my debts through bankruptcy?

Not all debts are dischargeable; common non-dischargeable debts include student loans, child support, alimony, and certain taxes.

How long will bankruptcy stay on my credit report?

Chapter 7 remains for 10 years while Chapter 13 stays for 7 years, but you can start rebuilding your credit immediately after discharge.

Do I need a lawyer to file for bankruptcy?

While you can file on your own, an experienced lawyer can help navigate the process efficiently.

How does bankruptcy affect my credit score?

It initially lowers your score, but it can improve as you work to rebuild your financial situation.

Can I keep my home and car if I file for bankruptcy?

Yes, depending on the state's exemptions and the value of your assets, you may be able to keep your home and car.

What is the means test in Chapter 7 bankruptcy?

The means test evaluates your income against your state's median to determine eligibility for Chapter 7.

How often can I file for bankruptcy?

You may file again after certain time limits, such as 8 years for Chapter 7 or 2 years for Chapter 13.

Will I have to go to court if I file for bankruptcy?

You typically need to attend at least one meeting of creditors, which is overseen by a bankruptcy trustee.

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